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Monday 19 - 1 - 2015


 19/01/2015

Gulf News

Abu Dhabi: Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, yesterday (Sunday) chaired the Ministerial Services Council meeting held at the Presidential Palace. The council discussed the national initiative for developing exports, which was presented by Sultan Saeed Al Mansouri, Minister of Economy. The initiative aims to enhance the UAE’s non-oil trade balance through an exportation structure that enjoys sustainable and balanced growth. The initiative will allow Emirati exports to make their way into new and emerging markets, diversify industrial exports and increase the share of foreign trade in the country’s Gross Domestic Product (GDP)… The council then reviewed the annual economic report on the Gulf Common Market, presented by Obaid Humaid Al Tayer, Minister of State for Financial Affairs. The report includes economic performance indicators of the common market.

Gulf News

Dubai: Strong performance of the UAE’s banking sector is a reflection of the UAE economy, Abdul Aziz Al Ghurair, CEO of Mashreq told Gulf News on Sunday after Mashreq group reported a 33 per cent growth in the net profit in 2014. “Our growth is a reflection of the overall growth in the economy where we operate. If the economy continues to grow we will continue to report strong results,” he said. Mashreq’s CEO believes that the impact of oil prices on the economy will not be as dramatic as the global financial crisis. He expects some impact as already seen in terms of corrections in the public equity markets and some amount of stabilisation in real estate prices. “What we understand currently is that the oil prices will have only limited impact on the economy. I don’t see mass exodus of people or companies reducing their staff causing the kind of panic we saw 5-6 years ago during the financial crisis. We have been watching the consumer spend during the last two months, and we haven’t seen any dramatic decline,” said Al Ghurair.

Gulf News

Dubai: Starting this week, UAE lenders are expected to report their full year financial results showing significant gains in profits and asset growth with stronger balance sheets compared to 2013. While the sharp decline in oil prices in the fourth quarter that resulted in portfolio investment losses, analysts say the overall performance for the year will be substantially better compared to last year due to strong growth in retail, wealth management and strong growth in fee incomes. The growth has been euphoric in the first three quarters of last year with top end of the retail banking small and medium enterprise and wealth management business benefiting from improved capital market valuations and consequent wealth effect. The UAE’s bank lending the UAE reached a new high in the month of November, growing 1.5 per cent month on month and 10.2 per cent year on year in November to record the fastest growth in five years, according to the latest central bank data.

Gulf News

Dubai: The UAE banks began reporting their full year results on Sunday with Emirates NBD, Emirates Islamic and Mashreq, all Dubai based banks posting strong profits and asset growth in 2014. Emirates NBD, the largest bank in the UAE by total income and branch network reported net profit of Dh5.1 billion for the full year up 58 per cent compared to 2013. Total Income for the year 2014 grew by 22 per cent to Dh14.4 billion. While the net interest income grew 17 per cent to Dh9.5 billion, non-interest income grew 33 per cent to Dh4.9 billion “We are the first bank in the UAE, and for the first time in our 50-year history, to report an annual operating profit before Impairment in excess of Dh10 billion,” Shaikh Ahmad Bin Saeed Al Maktoum, Chairman, Emirates NBD, said in a statement.

Gulf News

Dubai: While the market expectations on the fourth quarter vary, results for the first nine months of year reinforce the assumption the UAE banks are expected to deliver stellar results for the full year 2014. Third quarter numbers of Dubai based banks underline the strong recovery in the economy and the overall optimism in their assets and profits growth. Emirates NBD, the largest bank in the UAE by total income and branch network reported a 51 per cent increase in the net profits to Dh3.9 billion for the first 9 months of 2014. Dubai Islamic Bank (DIB), the largest Islamic Bank in the UAE by assets reported Dh2 billion net profits for the first nine months of this year. For the third quarter the bank reported Dh723 million net profits, up 57 per cent compared to Dh461 million in the same quarter last year. In Abu Dhabi, Union National Bank (UNB) surprised positively with its net income growth jumping to 22 per cent after two muted quarters with single digit growth. The third quarter profits were largely driven by increase in volumes across the various business segments.

Gulf News

Dubai: The UAE’s aviation sector is expected to contribute $53 billion (Dh194.5 billion) the country’s economy by 2020, providing up to 750,000 jobs, aviation industry experts said on Sunday at the Future Air Transportation Systems Summit, currently taking place in Dubai. In the next 20 years, the UAE’s aviation sector is expected to stand next to that of the US and China, according to Jeff Johnson, vice president of Boeing International and president of Boeing Middle East. He said that the UAE will need more than 55,000 pilots and 62,000 technicians in the same period as a result of its growing aviation industry. Looking at the Middle East, 3,000 aeroplanes are set for delivery in the next 20 years — triple the current capacity, Johnson said.

The National

Abu Dhabi Fund for Development (ADFD), together with the International Renewable Energy Agency (Irena), has awarded US$57 million in loans for renewable energy projects in five developing countries including Iran and Mauritania. The facility will provide a total of $350m in soft loans over seven funding cycles. The first selection cycle began in November 2012. This year’s award winners come from Argentina, Cuba, Iran, St Vincent and the Grenadines and, for a second time, Mauritania. Two awards will be for geothermal energy including a first-of-its-kind in Iran. The 5 megawatts small-scale geothermal project, located in Ardebil, will receive $6m to help provide local heating and power for various agricultural activities benefiting 150,000 people. Mauritania will get $6m for a project using solar and wind. “We are keen to support the economic development and deployment of sustainable energy projects in countries with immense clean energy potential, but lacking necessary financial resources and project management expertise,” said Adel Abdulla Al Hosani, ADFD director of operations.


Page last updated : 02/05/2016 10:18 PM